<aside> 📌
Kamino experienced impressive growth in January, with total deposits rising by 31% to $3.8B, and borrows increasing by 36% to $1.5B. The Total Value Locked (TVL) reached an all-time high of $2.3B, +28% in January, supported by $10.9B in transaction volume.
Market volatility between January 18-20 led to fluctuations in borrow rates, with SOL market rates spiking to 50%before stabilizing. DeFi Dollar supply rates declined from 9% to 5.7%, while SOL rates rose from 4.9% to 5.5%.
$7.3M in collateral was liquidated in the Altcoin and Main markets, with no liquidations in other markets, demonstrating resilience. The JLP Market remained liquidation-free.
USDC remains the dominant stablecoin, showing strong supply growth but posing potential concentration risks. High leverage demand in SOL markets, interest rate volatility, and liquidation clusters require close monitoring.
🔎 Check out Kamino January 2025 Dashboard for more details
</aside>
Kamino maintained strong market activity throughout January, with robust deposit growth and active borrowing. Total deposits increased to $3.8B (+31%), while borrowing surged to $1.5B (+36%), leading to a 28% rise in TVL to $2.3B, these metrics are at all-time highs. The $10.9B in total transactions, reflects its expanding ecosystem.
Despite this growth, the number of unique wallets increased only slightly to 134,309 (+0.05%), indicating that while capital inflow is strong, user adoption remains relatively stable. The average transaction volume per user reached $81K, suggesting a highly active existing user base.
January saw increased price volatility compared to December, particularly around January 19-20.
The Main market continues to dominate, holding $2.2B in deposits and $934M in borrows. JLP follows with $1.05B in deposits and $343M in borrows, while Jito reached $487M in deposits and $251M in borrows.
JLP and Jito markets experienced notable supply growth, reflecting increased confidence in these segments. However, their higher leverage levels necessitate close monitoring to mitigate risk exposure.
Kamino generated $10.7M in interest revenue from borrowers, with $9.7M distributed to liquidity providers.
The month was characterized by fluctuations in borrow rates, especially in the SOL market, where rates spiked multiple times, reaching up to 60% between January 18-20. The rapid stabilization highlights responsive user behavior and market efficiency.
Demand for SOL-denominated leverage remains high, with 3.6M SOL deposits (+11%) and 3.3M SOL borrows (+13%). Utilization was stable with a slight rise from 90% to 91%, reflecting strong borrower demand. SOL deposit rates improved from 4.9% to 5.5%, indicating sustained borrowing interest in SOL-denominated assets.
